Short Interest in ON24, Inc. (NYSE:ONTF) Drops By 38.9%

ON24, Inc. (NYSE:ONTF) was the target of a significant drop in short interest during the month of January. As of January 15th, there was short interest totaling 656,708 shares, a drop of 38.9% from the December 31st total of 1,075,515 shares. Based on an average trading volume of 540,530 shares, the short-interest ratio is currently 1.2 days. Approximately 2.3% of the company’s shares are short sold. Approximately 2.3% of the company’s shares are short sold. Based on an average trading volume of 540,530 shares, the short-interest ratio is currently 1.2 days.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on the stock. Canaccord Genuity Group increased their target price on shares of ON24 from $6.00 to $8.10 and gave the company a “hold” rating in a research report on Wednesday, December 31st. Weiss Ratings reiterated a “sell (d-)” rating on shares of ON24 in a research note on Thursday, January 22nd. Robert W. Baird raised their price target on ON24 from $6.00 to $8.10 and gave the stock a “neutral” rating in a report on Friday, January 2nd. Finally, Wall Street Zen upgraded ON24 from a “hold” rating to a “buy” rating in a research note on Saturday, November 15th. Five analysts have rated the stock with a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Reduce” and an average price target of $7.40.

Insider Transactions at ON24

In related news, CFO Steven Vattuone sold 80,000 shares of the business’s stock in a transaction on Tuesday, December 30th. The shares were sold at an average price of $7.98, for a total transaction of $638,400.00. Following the completion of the transaction, the chief financial officer owned 452,654 shares in the company, valued at approximately $3,612,178.92. The trade was a 15.02% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Jayesh Sahasi sold 34,753 shares of the company’s stock in a transaction that occurred on Tuesday, December 30th. The shares were sold at an average price of $7.98, for a total value of $277,328.94. Following the completion of the transaction, the insider directly owned 672,527 shares of the company’s stock, valued at $5,366,765.46. This trade represents a 4.91% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders have sold 338,716 shares of company stock valued at $2,327,474. Insiders own 33.00% of the company’s stock.

Institutional Investors Weigh In On ON24

Institutional investors have recently added to or reduced their stakes in the company. P.A.W. Capital Corp grew its holdings in shares of ON24 by 87.5% during the second quarter. P.A.W. Capital Corp now owns 300,000 shares of the company’s stock valued at $1,629,000 after purchasing an additional 140,000 shares during the last quarter. Arrowstreet Capital Limited Partnership raised its holdings in ON24 by 19.6% during the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 710,354 shares of the company’s stock worth $4,063,000 after buying an additional 116,400 shares during the period. Geode Capital Management LLC grew its position in ON24 by 13.7% during the 2nd quarter. Geode Capital Management LLC now owns 852,320 shares of the company’s stock worth $4,629,000 after purchasing an additional 102,396 shares in the last quarter. Two Sigma Investments LP increased its holdings in shares of ON24 by 75.8% in the 3rd quarter. Two Sigma Investments LP now owns 206,340 shares of the company’s stock valued at $1,180,000 after purchasing an additional 88,936 shares during the period. Finally, Norges Bank purchased a new position in ON24 in the second quarter valued at about $359,000. Hedge funds and other institutional investors own 83.93% of the company’s stock.

ON24 Price Performance

Shares of ONTF opened at $7.98 on Friday. The firm has a 50 day simple moving average of $6.79 and a 200-day simple moving average of $5.89. ON24 has a 1-year low of $4.35 and a 1-year high of $8.10. The stock has a market cap of $337.18 million, a price-to-earnings ratio of -10.78 and a beta of 0.61.

ON24 (NYSE:ONTF) last issued its quarterly earnings results on Monday, November 10th. The company reported $0.03 EPS for the quarter, topping analysts’ consensus estimates of $0.01 by $0.02. The business had revenue of $34.60 million during the quarter, compared to the consensus estimate of $33.87 million. ON24 had a negative net margin of 22.09% and a negative return on equity of 18.61%. ON24 has set its FY 2025 guidance at 0.050-0.060 EPS and its Q4 2025 guidance at 0.010-0.020 EPS. On average, equities analysts expect that ON24 will post -0.81 earnings per share for the current fiscal year.

About ON24

ON24, Inc (NYSE: ONTF) is a cloud-based digital experience platform that enables organizations to create, manage and optimize virtual events, webinars and multimedia content. The company’s technology is designed to facilitate interactive, data-driven engagement between enterprises and their audiences, supporting demand generation, lead nurturing, corporate communications and training initiatives.

At the core of ON24’s offering is its webinar and virtual event solution, which provides live and on-demand webcasting, attendee interaction tools and real-time analytics.